Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

.- I have not done a brrrr since the rates increased in early 2022 because in my market they bleed cash after I perform a refi to extract some of the value add

I think this stuff needs to be redesigned or pulled from the market if this is how it is (not) performing.

They're paid by the job and if their performance ever decreases (which can happen - they're great for a time and eventually for whatever reason their quality, timeliness, etc declines) then it's easier to phase them out & replace them with a different crew. 

There is a relationship team sourcing deals, then due diligence teams to perform DD, and ultimately investment committee meetings and sign off.  

You haven't even closed yet so how can you assess its future performance as profitable or not.

For example, you can show the services you performed and the approximate number of hours spent by using an appointment book, calendar, or narrative summary.Doesn’t even need to be contemporaneous logs. 

Can the syndicator be removed if they are not performing? 

Maybe you just want to fix up places and do flips.I would consider reading this beginner's guide, it is a lot of information but will help you get a good over view of different niches, financing and education. 

Discuss COC return, run a financial analysis for him and a performance chart showing the ROR after multiple properties have been acquired and cashed-out... good luck.